Crypto Market Rallies as ZIL and SOL Bounce Back

GB Market Commentary 09/01/2023

by Marcus Sotiriou

Bitcoin and the crypto market have rallied today, with Bitcoin rising above $17,000. Top gainers include ZIL, increasing by over 40% and, SOL, increasing by over 20%.

ZIL has performed exceptionally well over the past week after the Zilliqa Interim CEO predicted that “Zilliqa will be embedded as part of the esports loyalty/fan programs for some of the big names in the esports industry,” including Ninjas in Pyjamas, MAD Lions and Team RRQ. He went on to predict that Zilliqa’s DeFi ecosystem will experience growth via “an EVM enabled MoneyMarket protocol, and a Liquid Staking protocol available to users in Q1, culminating in a big upgrade to the Zilliqa network by the end of 2023.” This shows how crypto users value roadmaps that deliver innovative products, through effective communication via project leaders.

SOL is also performing well after the NFT community has united following the exit of the two most valuable Solana NFT projects (DeGods and y00ts), who have moved to Ethereum and Polygon respectively – this shows the resilience of the Solana NFT community, providing optimism for SOL token holders. A meme coin, BONK, was airdropped to many Solana NFT communities, excluding DeGods and y00ts, and climbed almost 50x in the space of a week, which further united the Solana NFT community.

Also, according to Cryptoslam.io metrics, NFT sales rose by 26% last week as data shows there were 1.2 million NFT transactions among 400,748 NFT buyers. Ethereum captured $164 million out of a total $209 million in NFT sales, across 19 different blockchain networks.

Solana NFT sales grew by 28.8% and Theta grew by 70%, but BNB chain had the largest increase over the past week, climbing by 71%.

Bored Ape Yacht Club (BAYC) was the collection with the most trading volume, with $19,052,102 in sales, increasing by 53% from the previous week.